Norway’s ICE car sales decline as buyers making shift to EVs

Norway’s ICE car sales decline as buyers making shift to EVs

Monthly sales of conventional petrol/diesel-powered (internal combustion engine) cars in Norway has crashed to just a handful as more and more buyers are switching over EVs. Norway is rich in crude oil but the government is promoting EV adoption heavily. Norway, a Nordic country in Northern Europe whose mainland territory comprises the western and northernmost portion of the Scandinavian Peninsula, has long been leading other countries of the world when it comes to mass adoption of EVs. Now, Norwegian authorities aim to make all new car sales electric by the end of 2025. In simple words, the Norwegian government will not allow any new petrol/diesel-powered car to be sold in the country after 2025.

Last year, fully-electric cars’ share in the Norwegian market hit a record of 54 per cent of total sales of new cars. In the recent months, EVs’ market share increased not only because of launch of new fully-electric models in the Norwegian market but also because of an unprecedented decline in sales of fossil-fuel-powered cars.

In March, petrol-powered cars accounted for a 4.8 per cent share of the overall market car sales, while diesel-powered cars had a 4.7 per cent market share, representing fewer than 1,500 car sales. The stats were provided by Norway’s Road Traffic Information Council (RTIC).

According to stats provided by RTIC, a total of 730 petrol-powered and 723 diesel cars were sold in Norway in March 2021. Market share of petrol cars slipped from 7.7 per cent in March last year to 4.8 per cent in March this year; while diesel-powered cars’ market share declined from 10 per cent to 4.7 per cent.

The number of hybrids (fossil fuel plus electric) jumped to 5244 units, representing an increase from 26.3 per cent of the market share in March last year to 34.2 per cent in the same month of this year.

Share of electric cars jumped from 55.9 per cent to 56.2 per cent during the same time period as the country recorded sales of 8618 units of the EVs from various brands in the month under review. Increasing shift to EVs has also led to a crash in resale value of internal combustion engine vehicles.

As it has become crystal clear that arena of transport will be dominated by EVs in the future, buyers are wary about purchasing new fossil fuel-powered vehicles, even if they are not ready to make an immediate shift to EVs.